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September industrial output remains at August levels

September 23, 2009

Ukraine’s Ministry of Industrial Policy has forecast that industrial output will remain at August levels throughout September. This prognosis was made by Minister Volodymyr Novytskiy: “I believe (the level of industrial output) will the same as it was in the previous month.”

According to Mr. Novytskiy, this is due to a marginal slip in output in the steel industry. Because of its large share of total industrial output, even a slight improvement in individual sectors is not enough to forecast overall industrial growth relative to August indicators.

“Steel output has gone down a bit. Not significantly. No more than 1% in total,” he said, answering a question on how much output had actually gone down. “On the other hand, production went up in the lumber industry,” Minister Novytskiy noted.

Previously, it had been reported that industrial output fell 23.3% in August 2009 compared to August 2008, which was the best indicator in the current year.

According to figures for January–August, industrial production slowed to 29.6% in Ukraine, compared to the same period of last year.

Yet, this year, industrial output contracted only 0.9% in August 2009 compared to August 2008.

In July 2009, the decline in industrial output slowed to 26.7% compared to the same month of 2008, compared to 27.5% in June and 31.8% in May and April.

Tags: industry